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Overview

Bank of China disburses $106 million AUD of $95 million USD line of credit facility to Yancoal Australia Limited for unspecified purposes

Commitments (Constant USD, 2023)$86,460,195
Commitment Year•2017Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2017

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownershipAt least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

State-owned companies

  • Yancoal Australia Limited

Guarantors

State-owned companies

  • Yankuang Energy Group Company Limited (formerly Yanzhou Coal Mining Company Limited)

Collateral providers

State-owned companies

  • Yankuang Energy Group Company Limited (formerly Yanzhou Coal Mining Company Limited)

Loan description

Bank of China disburses $106 million AUD of $95 million USD line of credit facility to Yancoal Australia Limited for unspecified purposes

Interest type•Unknown

Collateral

Yanzhou Coal Mining Company Limited provided $2.5 million AUD of cash collateral.

Narrative

Full Description

Project narrative

Prior to December 31, 2017, Bank of China (BOC) had entered into a $95 million USD ($122 million AUD) line of credit (bank guarantee facility) with Yancoal Australia Limited — an Australia-incorporated coal mining company majority owned by Yanzhou Coal Mining — for unspecified purposes. As of December 31, 2017, $106 million AUD of this facility had been disbursed to the borrower. As security, Yanzhou Coal Mining Company Limited issued corporate guarantees for the full amount of the facility, with $45 million USD expiring on December 16, 2018 and $50 million USD expiring on December 16, 2019. It also provided $2.5 million AUD of cash collateral.

Staff comments

1. Yankuang Energy Group Company Limited (formerly known as Yanzhou Coal Mining Company Limited) is a Chinese state-owned company and a subsidiary of Shandong Energy Group Co. Yankuang Energy Group Company Limited is the ultimate parent of Yancoal Australia Ltd. via Yanzhou Coal Mining Company Limited, the PRC-incorporated joint stock limited coal mining company.